la 


HG 
8521 
N75 
B3 


GENERAL  STATUTE  LAWS 


STATE  OF  NEW  YORK 


KELATI.Va   TO 


LIFE  INSURANCE  COMPANIES. 


COMPILED    BY 


WILLIAM    BARNES, 
SUPERINTENDENT  OF  THE   INSURANCE   DEPARTMENT. 


ALBANY : 

WEED,  PARSONS  AND  COMPANY,  PRINTERS. 
1861. 


/JJENERAL  STATUTE  LAWS 


STATE  OF  NEW  YORK 


EELATINO    TO 


LIFE  INSURANCE  COMPANIES. 


COMPILED   BY 


WILLIAM   BARNES, 

SUPERINTENDENT  OF  THE  INSURANCE  DEPARTMENT. 


ALBANY: 

WEED,  PARSONS  AND  COMPANY,  PRINTERS. 

1861. 


0^A 


CONTENTS 


Page  to  Pago. 
I.  Extract  from  the  CONSTITUTION, 5-  5 

II.  An  Act  for  the  Incorporation  of  Life  and  Health  Insurance  Companies, 
and  in  relation  to  Agencies  of  sucli  Comi)anies ;  passed  June  24th, 
1853,  (with  amendments  and  additions  to  January  1st,  1862), 7-24 

III.  An  Act  in  relation  to  all  Companies  transacting  the  business  of  Life  In- 

surance within  this  State  ;  passed  April  8th,  1S51, 25-29 

IV.  An  Act  in  respect  to  Insurances  for  Lives  for  the  benefit  of  Married 

Women  ;  passed  April  1st,  1840,  (with  amendments  to  January  1st, 

1862,) 30-30 

V.  An  Act  to  amend  the  General  Law  relative  to  the  Incorporation  of  Insur- 
ance Companies ;  passed  June  29,  1853 31-31 

VI.  An  Act  to  declare  the  intention  and  make  more  certain  an  Act  entitled, 
"  An  Act  to  amend  the  General  Law  relative  to  the  Incorporation  of 
Insurance  Companies;  passed  June  twenty-ninth,  eighteen  hun- 
dred and  fifty- three  ;"  passed  March  24, 1855, 31-31 

Index 33-42 


EXTRACT  FROM  THE 
CONSTITUTION  OF  THK  STATE  OF  NEW  YORK, 

Adopted  November  3d,  A.  X).,  1846. 


ARTICLE    VIII. 


Section  1.  Corporations  may  be  formed  under  General  corpora. 

tiolip,  how 

laws  ;  but  shall  not  be  created  by  Special  act,  except  for  "''''*'"^- 
Municipal  purposes,  and  in  cases  where,  in  tiie  judgment 
of  the  Legislature,  the  objects  of  the  corporation  cannot 
be  attained  under  General  laws.  All  general  laws  and 
special  acts,  passed  pursuant  to  this  section,  may  be 
altered  from  time  to  time,  or  repealed. 

Section  2.  Dues  from  Corporations  shall  be  secured  by  ceMsot 

corpora- 
such  Individual  Liability  of  the  corporators,  and  otlier  '■""*• 

means  as  may  be  prescribed  by  law. 

Section  3.  The  term  Corporations,  as  used  in  this  Arti-  "  corpora- 

tioii§"  de- 

cle,  shall  be  construed  to  include  all  Associations  and  ^''^^' 
Joint-Stock  comjjanies  having  any  of  the  powers  or  privi- 
leges of  Corporations  not  possessed  by  individuals  or  part- 
nerships. And  all  Corporations  shall  have  the  right  to 
sue  and  shall  be  subject  to  be  sued  in  all  courts  in  like 
cases  as  natural  persons. 


LAWS 


KELATINf!    TO 


LIFE  INSURANCE  COMPANIES. 


Chap.  463. 

AN  ACT  FOE  THE  Incorpoeation  of  Life  and 
Health  Insueance  Companies,  and  in  eelation 
TO  Agencies  of  such  Companies  ;  passed  June 
24th,  1853,  (with  amendments  and  additions  to 
January  1st,  1862.) 

Section    1.  Companies  may  be  formed ;  their  purposes. 

2.  When  organized  under  one  Department,  not  to  take  Risks 

in  the  other  Department. 

3.  Declaration  and  Charter  to  be  filed  in  the  Office  of  the 

Superintendent  of  the  Insurance  Department ;  contents 
thereof. 

4.  Declaration  and  Charter  to  be  examined  by  the  Attorney- 

General,  and,  if  correct,  certified  and  delivered  back  to 
the  Superintendent  of  the  Insurance  Department,  and 
recorded. 

5.  When  Corporators  have  received  certified  copy  from  the 

Superintendent,  may  publish  notice  of  intention  to  form 
Company,  open  books  of  subscription  to  capital  stock, 
&c. 

6.  Amount  of  capital  stock  required  to  organize  Companies ; 

how  paid  in ;  deposit  of  securities  with  the  Superin- 
tendent as  security  for  Policy  holders. 

7.  Superintendent  of  the  Insurance  Department  to  furnish 

Corporation  with  Certificate  of  deposite  of  securities, 
and  a  certified  copy  of  Charter,  &c.,  to  be  filed  in 
County  Clerk's  oflice;  when  company  is  authorized  to 
commence  business.  .     .  .       . .      " 


g  LIFE  INSURANCE  LAWS 

8.  Companies  may  invest  funds  in  bonds  and  Mortgages  or 

in  certain  Stocks. 

9.  Companies  not  permitted  to  purchase,  hold  or  convey  Real 

Estate,  except  for  certain  specified  purposes. 

10.  Corporators  empowered  to  adopt  a  Corporate  Seal,  make 

By-Law.s  ;  suits  may  be  maintained  by  stockholders 
against  Corporation,  and  vice  versa. 

11.  Companies  organized  under  this  act  to  become  bodies 

corporate  and  politic. 

12.  Officers  of  Corporation  required  to  furnish  the  Superin- 

tendent of  the  Insurance  Dex)artment  with  an  Annual 
Statement  of  the  Company's  afiairs  ;  contents  thereof; 
Superintendent  to  furnish  forms. 

13.  Annual  Report  of  the  Superintendent  to  the  Legislature. 

14.  Agents  of  Life  Insurance  Companies  of  other  States  not 

to  act,  unless  certain  conditions  are  complied  with  ; 
Certificates  of  Authority  to  be  granted  by  the  Superin- 
tendent in  certain  cases,  &c. 

15.  Agents  of  foreign  Life  Insurance  Companies  not  to  act, 

unless  a  deposit  is  made  in  the  Insurance  Department 
and  certain  other  conditions  complied  with;  Certificates 
of  Authority  to  be  granted  by  the  Superintendent  in 
certain  cases,  &c. 

16.  Fees  of  County  Clerk. 

17.  Superintendent  of  the  Insurance  Department  to  cause  an 

Kxamination  to  he  made  into  Company's  aflairs  in  cer- 
tain cases  ;  iiroceedings  thereon  ;  duties  of  Superinten- 
dent and  Attorney-General. 

18.  Penalty  for  violating  provisions  of  this  Act 

19.  Proceedings,  when  Companies  desire  to  relinquish  busi- 

ness. 

20.  Charters  to  continue  until  repealed. 

21.  Existing  Companies  may  avail  themselves  of  the  provi- 

sions of  this  Act. 

22.  Repeal  of  Act  of  April  10th,  1849,  and  of  April  8th,  18.51, 

so  far  as  said  Acts  relate  to  Life  Insurance ;  exception. 

The  People  of  ihe  Slate  of  New  York,  represented  in 
Senate  and  AssemUij,  do  enact  as  follows : — 

Compnny         S  !•  Anj'  number  of  persons,  not  less  tlian  thirteen  in 
treated.       number,   may  associate  aiid   form  an   Incorporation  or 
company  for  the  purposes  specified  in  either  of  the  fol- 
lowing departments; — 

First  department,  To  make  Insurance  upon  the  Lives 
of  individuals  and  every  insurance  appertaining  thereto 
or  connected  therewith,  and  to  grant,  purchase  or  dispose 
of  Annuities. 

Second  department.  To  make  Insurance  upon  the  Health 
of  individuals,  and  upon  the  lives  of  horses,  cattle  and 
other  live  stock. 


OF  THE  STATE  OF  NEW  YORK.  9 

Every  company  organized  under  this  act  shall  have 
authority  to  re-insure  any  risk  herein  authorized  to  be 
undertaken.  [>§  1,  Chay.  463,  Laws  of  1853.] 

%  2.  No  company  organized  under  this  act  for  the  jjur-  ^,5^5. 
poses  named  in  the  First  department,  shall  undertake 
either  of  the  risks  mentioned  in  the  Second  department ; 
nor  shall  any  company  organized  under  this  act,  for  the 
purposes  named  in  the  Second  department,  undertake 
any  business  mentioned  in  the  First  department ;  and  no 
company  organized  under  this  act  shall  undertake  any 
business  or  risks,  except  as  herein  provided.  \^  2,  Chap. 
463,  Laivs  of  18-53.] 

^  3.  The  persons  referred  to  in  the  first  section  of  this  corpora- 
act  shall  be  designated  as  Corporators,  and  they  shall  file  J?^"'""- 
in  the  office  of  the  Superintendent  of  the  Insurance  De- 
partment,* a  Declaration  signed  by  each  of  the  corpora- 
tors, setting  forth  their  intentions  to  form  a  company  for 
the  purposes  named  in  this  act,  which  Declaration  shall 
comprise  a  copy  of  the  Charter  they  propose  to  adopt, 
and  the  said  Charter  shall  set  forth  the  name  of  the  com- 
pany ;  the  place  where  it  is  to  be  located ;  the  kind  of 
business  to  be  undertaken  by  referring  to  and  repeating 
the  department  of  the  first  section  of  this  act  to  which 
they  refer ;  the  mode  and  manner  in  which  the  corporate 
powers  of  the  company  are  to  be  exercised ;  the  manner 
of  electing  the  Trustees  or  Directors  and  officers,  a 
majority  of  whom  shall  be  citizens  of  this  state,  and  the 
time  of  such  election  ;  the  manner  of  filling  vacancies  ; 
the  amount  of  capital  to  be  employed  ;  and  such  other 
particulars  as  may  be  necessary  to  explain  and  make 
manifest  the  objects  and  purposes  of  the  company,  and 

*  The  words  "  Superintendent  of  the  Insurance  Department "  or  "  said 
Superintendent,"  are  substituted  for  "  Comptroller,"  in  accordance  with 
the  provisions  of  section  3,  Chapter  366,  Laws  of  1859. 


jQ  LIFE  INSURANCE    LAWS 

the  manner  in  which  it  is  to  be  conducted.  [§  3,  Chap. 

463,  Laws  of  1853.] 
Attorney-        §  4.  Whenever  the  corporators  shall  file  such  Declara- 
^eniTy^to"     tion  with  the  Superintendent  of  the  Insurance  Depart- 

Peclara-  ^  i        -i    j_i  i. 

''o"-  ment,  it  shall  become  his  duty  to  submit  the  same  to 

the  Attorney-General  for  examination  ;  and,  if  found  by 
him  to  be  in  accordance  with  the  provisions  of  this  act, 
and  not  inconsistent  with  the  Constitution  and  laws  of 
the  United  States  and  of  this  state,  he  shall  certify  to 
the  same  and  deliver  it  back  to  the  said  Superintendent 
who  shall  cause  the  said  Declaration,  with  the  Certificate 
of  the  Attorney-General,  to  be  recorded  in  a  book  to  be 
kept  for  tliat  purpose,  and,  upon  application  of  the  cor- 
porators to  the  said  Superintendent,  it  shall  become  his 
duty  to  furnish  a  certified  copy  of  such  Declaration  and 
Certificate  to  the  said  corporators.  [§  4,  Chap.  463,  Laivs 
of  1S53.] 
To  publish  §5.  Whenever  the  corporators  sliall  have  received 
fOTmcom-'"  from  the  said  Superintendent  the  certified  copy  provided 
'"'"^  for  in  the  last  section,  and  desire  to  pi'oceed  to  organize 

such  company,  they  shall  publish  their  intentions  in  the 
paper  in  which  the  state  notices  are  directed  to  be  in- 
serted ;  and  when  such  intentions  liave  been  published 
in  said  paper  for  six  weeks,  they  may  open  books  to  re- 
ceive subscriptions  to  the  capital  stock,  and  keep  such 
books  open  until  the  amount  required  by  this  act  is  sub- 
scribed, and  may  tlien  proceed  to  distribute  the  stock 
among  the  subscribers,  if  more  than  the  necessary  amount 
is  subscribed,  and  proceed  to  collect  in  the  said  capital 
and  complete  tiie  organization  of  the  company.  [§  5, 
Chaj).  463,  Laics  of  1853.] 
Capital.  2  6.  No  company  shall  be  organized  under  this  act, 

for  the  purposes  mentioned  in  the  First  department,  with 
a  less  capital  than  One  hundred  thousand  dollars,  and  no 


OF  THE  STATE  OP  NEW  YORK.  11 

company  shall  be  organized,  for  the  purposes  mentioned 
in  the  Second  department,  with  a  less  capital  than 
Twenty-five  thousand  dollars.  The  whole  capital  of  such 
company  shall,  before  proceeding  to  business,  be  paid  in 
and  invested  in  stocks  of  the  United  States  or  of  the 
State  of  New  York,  the  market  value  of  which  shall  be 
at  the  time  at  or  above  par,  or  in  bonds  and  mortgages 
on  improved  unincumbered  Real  Estate  within  the  State 
of  New  York,  worth  seventy-five  per  cent  more  than 
the  amount  loaned  thereon,  (but  in  such  valuation,  farm 
buildings  shall  not  be  estimated,)  or  in  such  stocks  or 
securities  as  now  are  or  may  hereafter  be  receivable  by 
the  Banking  Department.* 

And  it  shall  be  lawful  for  any  company  organized 
under  this  act,  to  change  and  reinvest  its  capital,  or  any 
part  thereof,  at  any  time  they  may  desire,  in  the  stocks 
or   bonds  and  mortgages   or  securities   aforesaid.     No 

•  The  following  are  the  statute  provisions  prescribing  the  kind  and 
nature  of  the  Stocks  receivable  by  the  Bank  Department : — 

"  The  stocks  which  banking  associations  or  individual  bankers,  now 
or  hereafter  to  be  organized  under  the  provisions  of  the  act,  '  To  autho- 
rize the  business  of  banking,'  passed  April  18,  1838,  and  the  amend- 
ments thereto,  shall  hereafter  deposit  with  the  Superintendent  shall 
be  New  York  State  stocks,  in  all  cases  to  be,  or  to  be  made  to  be,  equal 
to  stock  producing  six  per  cent  per  annum,  or  at  least  oue-half  the 
amount  so  deposited,  shall  be  in  the  stocks  of  the  State  of  New  York,  as 
before  mentioned,  and  not  exceeding  one-half  in  stocks  of  the  Uni- 
ted States,  in  all  cases  to  be,  or  to  be  made  to  be  equal  to  a  stock 
producing  an  interest  of  six  per  cent  per  annum ;  and  it  shall  not  be 
lawful  for  the  Superintendent  to  take  such  stocks  at  a  rate  above  their 
par  value,  or  above  their  current  market  value."  [  Vide  §  1,  Chap.  313, 
Laws  0/1849.] 

In  lieu  of  stocks,  one-half  of  the  deposit  of  securities  in  the  Bank 
Department  may  consist  of  seven  per  cent  bonds  and  Mortgages  on  im- 
proved, productive,  unencumbered  lands  within  this  State,  for  not 
exceeding  two-fifths  of  the  value  of  said  lands,  excluding  buildings ; 
to  be  received  at  a  sum  not  above  five  thousand  dollars  for  each 
Mortgage,  and  under  regulations  to  be  prescribed  by  the  Superintendent 
of  the  Bank  Department.  [  Vide  §  8,  Chap.  260,  Laws  of  1838 ;  and  §  2 
and  g  3,  Chap.  340,  Laws  of  1848 ;  and  g  10,  Chap.  164,  Laws  of  1851.] 


12  LIFE  INSURANCE  LAWS 

company  organized  for  the  purposes  mentioned  in  the 
First  department,  shall  commence  business  until  they 
have  deposited  with  the  Superintendent  of  the  Insurance 
Department  of  this  State,  the  sum  of  One  liundred 
thousand  dollars,  invested  as  hereinbefore  provided  for 
the  investment  of  the  capital  of  sucli  company,  and  no 
company  organized  for  the  purposes  named  in  the  Second 
department,  shall  commence  business  until  they  have 
deposited  with  the  Superintendent  of  the  Insurance 
Department  of  this  State,  the  sum  of  Twenty-five  thou- 
sand dollars,  invested  as  hereinbefore  provided  for  the 
investment  of  the  capital  of  such  company.  The  Super- 
intendent of  the  Insurance  Department  shall  hold  such 
securities  as  security  for  policy  holders  in  said  companies, 
but  so  long  as  any  company  so  depositing  shall  continue 
solvent,  may  permit  such  company  to  collect  the  interest 
or  dividends  on  its  securities  so  deposited,  and  from 
time  to  time  to  withdraw  any  of  such  securities  on 
depositing  with  the  said  Superintendent  such  otiier 
securities  of  like  value  as  those  withdrawn,  and  of  the 
same  character  as  those  above  mentioned.  ['^  6,  Chaf. 
463,  Laws  of  1853,  as  amended  by  ^  1,  Chop.  551,  Laws 
of  1853,  and  §  1,  Chap.  328,  Laws  of  1860.*] 

*  The  original  section  6  of  Cliapter  4G3,  Act  of  1853,  as  amended  \>y 
section  1,  Chapter  551,  Laws  of  the  same  year,  is  as  follows  ; — 

^  U.  No  company  shall  be  organized  under  this  act  for  the  purposes 
mentioned  in  the  First  department  with  a  less  capital  than  one  hundred 
thousand  dollars ;  and  uo  company  shall  he  organized  for  the  purposes 
mentioned  in  tlie  Second  department  with  a  less  capital  than  twenty-five 
thousand  dollars.  The  whole  capital  of  such  company  shall,  before 
proceeding  to  business,  be  paid  in  and  invested  in  stoekjs  of  the  United 
States,  or  of  the  State  of  New  York,  the  market  value  of  which  shall 
be  at  the  time  at  or  above  par,  or  in  such  stocks  or  securities  as  now 
are  or  may  hereafter  be  receivable  by  the  Bank  Department.  No 
company  organized  for  the  purposes  mentioned  in  the  First  department 
shall  commence  business  until  they  have  deposited  with  the  Comp- 
troller of  this  state  the  sum  of  one  hundred  thousand  dollars  in  the 
stocks  or  securities  before  mentioned  ;  but  all  mortgages  deposited  by 
any  company  under  this  section  shall  be  upon  improved  unincumbered 
lieal  Kstate,  worth  seventy-five  per  cent  more  than  tlie  amount  loaned 


OF  THE  STATE  OF  NEW  YORK.  13 

g  7.  Whenevei-  the  corporators  shall  have  fully  organ-  superinten- 
ized  such  company,  and  the  said  company  have  deposited  uishcenifl- 
with  the  said  Superintendent  the   requisite   amount  of  JepoBit. 
capital,  it  sliall  become  his  duty  to  furnish  the  corjjora- 
tion  with  a  Certificate  of  such   deposit,  which,  with  a 
certified  copy  of  the  papers  previously  required  under 
this  act,  shall,  when  filed  in  the  County  Clerk's  office  of 
the  county  where  such  companj'^  is' to  be  located,  be  the 
Authoi'ity  to  commence  business  and  issue  policies,  and 
the  same  may  be  used  in  evidence  for  and  against  the 
corporation  in  all  suits.  [§  7,  Clia/p.  463,  Laws  of  1S53.] 

g  S.  It  shall  be  lawful  for  any  company  organized 
under  this  act,  to  invest  its  funds  or  accumulations  in 
bonds  and  mortgages  on  unincumbered  Real  Estate  within 
the  State  of  New  York,  worth  fifty  per  cent  more  than 
the  sum  so  loaned  thereon,  on  in  stocks  of  the  United 
States,  stocks  of  this  State,  or  of  any  incorporated  city 
of  this  State,  if  at  or  above  par,  and  to  lend  the  same  or 
any  jiart  thereof  on  the  security  of  such  bonds  and  mort- 
gages, and  upon  the  pledge  of  such  stocks  ;  provided, 
that  the  current  market  value  of  sucli  stocks  shall  be  at 
least  ten  per  cent  more  than  the  sum  so  loaned  thereon. 
[>§!  8,  Chap.  463,  Laws  of  1S53,  as  amended  by  §  2,  C/taj). 
328,  Laws  of  I860.*] 

thereon ;  and  no  company  organized  for  the  purposes  named  in  the 
Second  department  shall  commence  business  until  they  have  deposited 
witlx  the  Comptroller  of  this  state  the  sum  of  twenty-five  thousand  dol- 
lars in  the  stocks  or  securities  before  mentioned.  The  Comptroller  shall 
hold  such  stocks  or  securities  as  security  for  policy  holders  in  said 
companies  ;  but,  so  long  as  any  company  so  depositing  shall  continue 
solvent,  may  permit  such  company  to  collect  the  interest  or  dividends 
on  its  stocks  or  securities  so  deposited,  and,  from  time  to  time,  to  with- 
draw any  of  such  securities,  on  depositing  with  the  Comptroller  other 
securities  of  like  character,  the  market  value  of  which  shall  be  at  the 
time  of  such  deposit  at  or  above  par. 


*  The  original  section  8,  Chapter  463,  Laws  of  1853,  is  as  follows  : — 
^  8.  It  shall  be  lawful  for  any  company  organized  under  this  act,  to 
invest  its  funds  or  accumulations  in  bonds  and  mortgages,  on  unincum- 


14 


LIFE  INSURANCE  LAWS 


Charter 
may  he 
amended* 


To  hold 
Real  OBtaU* 


Any  company  organized  under  the  acts  to  which  this 
is  an  amendment,  having  first  obtained  the  consent  of  the 
Superintendent  of  the  Insurance  Department  thereto  in 
writing,  may,  by  a  vote  of  a  majority  of  their  Directors, 
accept  the  provisions  of  this  act,  or  any  of  them,  and 
amend  their  Charter  to  conform  with  the  same.  [_^  3, 
Chap.  328,  Laws  of  I860.] 

5  9.  No  company  organized  under  this  act  shall  be 
permitted  to  purchase,  hold  or  convey  Real  estate,  except 
for  the  purposes  and  in  the  manner  herein  set  forth,  to 
wit : — 

1.  Such  as  shall  be  requisite  for  its  immediate  accom- 
modation in  the  transaction  of  its  business  ;  or, 

2.  Such  as  shall  have  been  mortgaged  to  it  in  good 
faith,  by  way  of  security  for  loans  previously  contracted, 
or  for  moneys  due  ;  or, 

3.  Such  as  shall  have  been  conveyed  to  it  in  satisfac- 
tion of  debts  previously  contracted  in  the  course  of  its 
dealings ;  or, 

4.  Such  as  shall  have  been  purchased  at  sales  upon 
judgments,  decrees  or  mortgages  obtained  or  made  for 
such  debts ;  and  it  shall  not  be  lawful  for  any  company 
incorporated  as  aforesaid  to  purchase,  hold  or  convey 
Real  Estate  in  any  other  case  or  for  any  other  purpose  ; 
and  all  such  Real  Estate  as  may  be  acquired  as  aforesaid, 
and  which  shall  not  be  necessary  for  the  accommodation 
of  such  company  in  the  convenient  transaction  of  its 
business,  shall  be  sold  and  disposed  of  within  five  years 
after  such  company  shall  have  acquired  title  to  the  same ; 


bered  real  estate  within  the  State  of  New  York,  worth  fifty  per  cent  more 
than  the  sum  so  loaned  thereon,  or  in  stocks  of  the  United  States,  stocks 
of  this  State,  or  of  any  iucorjiorated  city  in  this  State,  if  at  or  above  par, 
and  any  stocks  created  under  tlie  laws  of  this  state  that  shall  be,  at  the 
time  of  such  investment,  at  a  market  value  in  the  city  of  New  York,  at 
or  above  par. 


OF  THE  STATE  OF  NEW  YORK.  15 

and  it  shall  not  be  lawful  for  such  company  to  hold  such 
Real  Estate  for  a  longer  period  than  that  above  mentioned, 
unless  the  said  Company  shall  procure  a  certificate  from 
the  Superintendent  of  the  Insurance  Department  that 
the  interests  of  the  company  will  suffer  materially  by  a 
forced  sale  of  such  Real  Estate,  in  which  event  the  time 
for  the  sale  may  be  extended  to  such  time  as  the  said 
Superintendent  shall  direct  in  said  Certificate.  [^  9,  Chap. 
463,  Laws  of  1853.] 

§  10.  The  corporators,  or  the  Trustees  or  Directors,  as  to  adopt 

,,  ^  p  •       1  1         j_i  •      eeal,  make 

the  case  may  be,  oi  any  company  organized  under  this  uyiawB.&c. 
act  shall  have  power  to  adopt  a  Seal,  and  to  make  such 
By-laws,  not  inconsistent  with  this  act  or  the  Constitu- 
tion and  laws  of  this  state,  as  may  be  deemed  necessary 
for  the  management  of  its  affairs  ;  and  suits  at  law  may 
be  maintained  by  any  corporation  formed  under  this  act 
against  any  of  its  members  or  stockholders  for  any  cause 
relating  to  the  business  of  such  company  ;  also,  suits  at 
law  may  be  prosecuted  and  maintained  by  any  member 
or  stockholder  against  such  corporation  for  losses  which 
may  have  accrued,  if  payment  is  withheld  more  than 
two  months,  on  all  risks,  after  such  losses  shall  have  been 
due.  [§  10,  Chap.  463,  Laws  of  1853.] 

§  11.  All  companies  formed  under  this  act  shall  be  companie» 
deemed  and  taken  to  be  bodies  corporate  and  politic,  in  be  bodies 
fact  and  in  name,  and  shall  be  subject  to  all  the  provi-  aadpoutic 
sions  of  the  Revised  Statutes  in  relation  to  corporations, 
so  far  as  the  same  are  applicable,  except  in  regard  to 
Annual  Statements  and  other  matters  herein  otherwise 
specially  provided  for.  [§  11,  Chap.  463,  Laws  of  1853.] 

S  12.  It  shall  be  the  duty  of  the  President  or  Vice-  ^ffd',',"™^'^ 
President  and  Secretary  or  Actuary,  or  a  majority  of  the  annuauyf^ 
Trustees  of  each  company  organized  under  the  laws  of 
this  state,  annually,  on  the  first  day  of  January,  or  within 


16  LIFE  INSURANCE  LAWS 

sixty  days  thereafter,  to  prepare  under  oath,  and  deposit 
in  the  office  of  the  Superintendent  of  the  Insurance 
Department  of  the  state,  a  Statement,  showing: — 

1.  The  number  of  policies  issued  during  the  year. 

2.  The  Amount  of  insurance  effected  thereby. 

3.  Amount  of  Premiums  received  during  the  year. 

4.  Amount  of  interest  and  all  other  Receipts,  specify- 
ing the  items. 

6.  Amount  of  Losses  paid  during  the  year. 

6.  Amount  of  Losses  unpaid. 

7.  Amount  of  Expenses. 

8.  Whole  number  of  policies  in  force. 

9.  Amount  of  Liabilities  or  risks  thereon,  and  of  all 
other  liabilities. 

10.  Amount  of  capital  stock. 

11.  Amount  of  Accumulation,  specifying  whether 
received  upon  Life  insurance,  Annuities,  or  how  other- 
wise. 

12.  Amount  of  Assets  and  manner  in  which  thej'^  are 
invested,  specifying  what  amount  in  Real  estate,  on  bond 
and  Mortgage,  stocks,  loans  on  stocks,  premium  notes, 
credits  or  other  securities. 

13.  Amount  of  Dividend  unpaid. 

14.  A  tabular  statement  of  the  policies  in  force  for  the 
whole  term  of  life,  showing  how  many  thereof  for  each 
age  of  life,  and  for  what  amount  of  risk,  were  issued  or 
in  force  during  the  first  year  of  the  existence  of  the  com- 
pany, during  the  second  year,  and  so  on  up  to  the  time 
of  making  such  statement. 

15.  A  tabular  statement  of  the  policies  in  force  for  a 
shorter  period  than  the  whole  term  of  life,  showing  how 
many  thereof  for  each  age  of  life,  and  for  what  amount 
of  risk,  were  issued  or  continued  in  force  during  tiio  first 


OF  THE  STATE  OF  NEW  YORK.  17 

year  of  the  company's  existence,  during  the  second  year, 
and  so  ou  up  to  the  time  of  making  such  Statement. 

The  Superintendent  of  the  Insurance  Department  shall 
cause  to  be  prepared,  and  furnished  to  every  company 
to  vviiich  this  act  shall  apply,  printed  forms  of  the  State- 
ments herein  required  ;  and  he  may  make  such  changes 
from  time  to  time,  in  the  form  of  the  same,  as  shall  seem 
to  him  best  adapted  to  elicit  from  said  companies  a  true 
exhibit  of  their  condition  in  respect  to  the  several  points 
hereinbefore  enumerated.  [  '§>  12,  Chap.  4G3,  Laws  of 
1853.] 

5  13.  It  shall  be  the  duty  of  the  Superintendent  of  statements 
the  Insurance  Department  to  cause  the  information  con-  municated 

to  the  Leg- 

tained  in  the  Statements  required  iQ  the  last  section  to  isiature. 
be  arranged  in  a  tabular  form,  and  prepare  the  same  in 
a  single  document  for  printing,  which  he  shall  commu- 
nicate to  the  Legislature.     \_^  13,  Chuji.  463,  Laws  of 
1S53.] 

g  14.  It  shall  not  be  lawful  for  any  person  to  act 
within  this  state,  as  Agent  or  otherwise,  in  receiving  or 
procuring  applications  for  insurance,  or  in  any  manner  to 
aid  in  transacting  the  business  of  insurance,  referred  to  in 
the  first  section  of  this  act,  for  any  company  or  associa- 
tion incorporated  by  or  organized  under  the  laws  of  any 
other  state  government,  unless  such  company  is  possessed 
of  the  amount  of  capital  required  by  the  sixth  section  of 
this  act  for  companies  in  this  state,  and  the  same  is 
invested  in  stocks  of  the  United  States,  or  of  the  State 
of  New  York,  or  of  the  state  in  which  said  company  is 
located,  the  market  value  of  which  at  the  time  of  such  g^^^,^ 
deposit  shall  be  at  or  above  par,  or  in  such  stocks  or 
securities  as  now  are  or  may  hereafter  be  receivable  by 
the  Bank  Department;  but  all  Mortgages  deposited  by 


18  •  LIFE  INSURANCE  LAWS 

anv  coTiipaii}'  under  this  section  sjiall  be  upon  improved, 
unincumbered  Real  estate,  worth  seveutj^-iive  per  cent 
more  than  the  amount  loaned  thereon,  which  investments 
are  deposited  with  the  Auditor,  Comptroller  or  Chief 
Financial  officer  of  the  state  by  whose  laws  said  com- 
pany is  incorporated,  and  the  Superintendent  of  the 
Insurance  Department  of  this  state  is  furnished  with 
the  Certificate  of  such  Auditor,  Comptroller  or  Chief 
Financial  officer  aforesaid,  inider  his  hand  and  official 
seal,  that  he,  as  such  Auditor,  Comptroller  or  Chief 
Financial  officer  of  such  state,  holds  in  trust  and  on 
deposit,  for  the  benefit  of  all  the  policy  holders  of  such 
company,  the  security  before  mentioned,  which  Certifi- 
cate shall  embrace  the  items  of  the  security  so  held, 
that  he  is  satisfied  that  such  securities  are  worth  one 
hundred  thousand  dollars,  if  the  company  proposes  to 
transact  the  business  referred  to  in  the  First  department, 
or  that  they  are  worth  twentj^-five  thousand  dollars  if 
the  company  proposes  to  transact  the  business  referred 
Eschangeof  to  in  tlic  Sccond  department.  But  nothing  herein  con- 
tained shall  be  construed  to  invalidate  the  agency  of  any 
company  incorporated  by  another  state  by  reason  of  such 
company  having  from  time  to  time  exchanged  the  securi- 
ties so  deposited  with  the  Auditor,  Comptroller  or  Chief 
Financial  officer  of  the  state  in  which  such  company  is 
located,  for  other  stock,  authorized  by  this  act,  the  mar- 
ket value  of  which  shall  be  at  or  above  par,  or  by  reason 
of  such  company  having  drawn  their  interest  and  divi- 
dends, from  time  to  time,  for  such  stocks.  Such  com- 
pany shall  also  appoint  an  Attorney  in  this  state,  on 
whom  process  of  law  can  be  served ;  and  such  Attorney 
shall  file  with  the  Superintendent  of  the  Insurance  De- 
partment a  certified  copy  of  the  Charter  of  said  company, 


OF  THE  STATE  OF  NEW  YORK.  19 

and  also  a  certified  copy  of  tlie  vote  or  resolution  of  the 
Trustees  or  Directors  of  the  said  company  appointing 
such  Attorney,  which  appointment  shall  continue  until 
anotiier  Attorney  be  substituted,  in  which  vote  or  reso- 
lution they  shall  name  the  time  designated  for  making 
their  Annual  Statements.     When  the  foregoing  require-  superinten- 

o         ^  1  dent  to  give 

nients  shall  have  been  complied  with,  the  said  Superin-  •^"'"i<^'"»- 
tendent  shall  give  a  Certificate  to  that  efi'ect,  setting  forth 
the  name  of  the  Attorney  for  such  company,  which  Cer- 
tificate, when  filed  in  the  County  Clerk's  office  of  the 
count}'^  where  the  agency  is  to  be  established,  shall  be 
the  Authority  of  such  company  to  commence  business  ; 
and  such  company,  or  their  Attorney,  shall  annually  file 
with  the  said  Superintendent  of  the  Insurance  Depart- 
ment of  this  state,  a  Statement  of  their  affairs  in  the 
manner  and  form  provided  in  section  twelve  for  similar 
companies  in  this  state.  [§  14,  Ckcqj.  463,  Laws  (f  1S53, 
as  amended  hij  %  2,  Chap.  551,  Laws  of  1853.] 

5  15.  It  shall  not  be  lawful  for  any  person  to  act  in  seouriuo. 
this  state  as  acrent  or  otherwise,  in  procurinc;  applica-  Bitedwith 

°  ^  oil  Superinten- 

tions  for  Life  or  Health  insurance,  or  in  any  manner  to  dent  bctoro 

^  aL'ent  can 

aid  in  transacting  the  business  of  any  Life  or  Health  in- 
surance company  incorporated  by  or  organized  under  the 
laws  of  any  foreign  government,  until  such  company 
have  deposited  with  the  Superintendent  of  the  Insurance 
Department  of  this  state,  for  the  benefit  of  the  policy 
holders  of  such  company,  citizens  or  residents  of  the 
United  States,  securities  to  the  amount  of  one  hundred 
thousand  dollars  of  the  kind  required  by  section  sixth, 
for  similar  companies  of  this  state,  and  have  appointed 
an  Attorney  in  this  state  on  whom  process  of  law  can 
be  served,  and  said  Attorney  shall  have  filed  with  the 
said  Superintendent  a  certified  copy  of  the  Charter  of 


a^ent  can 
act. 


20  LIFE  INSURANCE  LAWS 

the  said  company,  aud  also  a  certified  copy  of  the  vote 
or  resolution  of  the  Trustees  or  Directors  of  such  com- 
pany, appointing  him  the  Attorney  of  such  company, 
which  appointment  shall  continue  until  another  Attorney 
be  substituted.  When  the  foregoing  requirements  shall 
have  been  complied  with,  the  said  Superintendent  shall 
give  a  Certificate  to  that  effect,  and  also  state  the  name 
of  the  Attorney,  which  Certificate  when  filed  in  the 
County  Clerk's  office  of  the  county  where  the  agency  is 
to  be  located,  shall  be  the  Authority  to  commence  busi- 
ness. The  Attorney  of  such  company  shall  annually 
file  with  the  said  Superintendent  a  Statement  of  its 
affairs  in  the  United  States,  in  the  manner  and  in  the 
form  required  by  the  twelfth  section  of  this  act,  which 
said  Statement  shall  be  sworn  to  by  the  Attorney  of  such 
company,  but  this  act  shall  not  apply  to  such  companies 
as  have  made  the  deposit  with  the  Comptroller  until  the 
first  day  of  July,  eighteen  hundred  and  fifty-three.  [^  15, 
Chap.  463,  Laivs  of  1853.] 

All  foreign  Insurance  companies,  associations,  corpora- 
tions, partnerships  and  individuals,  transacting  the  busi- 
ness of  Fire,  Marine  or  Life  insurance,  or  any  other  kind 
of  insurance  in  this  state,  shall  make  Annual  Statements 
of  their  condition  and  affairs  to  the  Insurance  Depart- 
ment, in  the  same  manner  and  in  the  same  form  as 
similar  companies  organized  under  the  laws  of  this  state. 
[§  1,  Chap.  334,  Laws  of  1S61.] 

In  case  of  neglect  or  refusal  to  make  such  Annual 
Statements,  as  aforesaid,  all  persons  acting  in  this  state, 
as  agents  or  otherwise,  in  transacting  the  business  of  in- 
surance for  said  companies,  corporations,  associations, 
partnerships,  or  individuals,  shall  be  subject  to  the  same 
penalties  provided  by  law  in  case  of  the  failure  of  any 


OF  THE  STATE  OF  NEW  YORK.  21 

iusurance  company,  organized  under  the  laws  of  this 
state,  to  make  an  Annua!  Statement,  as  now  provided 
by  law.  [§  2,  Clia-p.  334,  Laivs  of  1861.] 

3  16.  Every  County  Clerk  shall  demand  and  receive  Feee. 
for  every  paper  filed  in  his  office  under  this  act,  the  sum 
of  ten  cents,  to  be  accounted  for  and  paid  to  the  County 
Treasurer  as  now  provided  with  regard  to  other  fees. 
[■§  16,  Chap.  463,  Laws  of  1853,  as  modified  by  §  7,  ajid 
I  8,  Chap.  366,  Laivs  of  18-59.] 

3  17.  It  shall  be  the  duty  of  the  Superintendent  of  supenn- 
the  Insurance  Department,  whenever  he  shall  have  good  esamin". 
reason  to  suspect  the  correctness  of  any  Annual  State-  made"^" 
ment,  or  that  the  affairs  of  any  company  making  such 
Statement  are  in  an  unsound  condition,  to  cause  an 
Examination  to  be  made  into  the  affairs  of  any  insurance 
company  for  the  purposes  named  in  this  act,  incorporated 
in  this  state,  or  doing  business  by  its  agencies  in  this 
state ;  and  it  shall  be  the  duty  of  the  officers  or  agents 
of  any  insurance  company  doing  business  in  this  state,  to 
cause  their  books  to  be  opened  for  the  inspection  of  tlie 
person  or  persons  so  appointed,  and  otherwise  to  facili- 
tate such  Examination  so  far  as  it  may  be  in  their  power 
so  to  do ;  and  for  that  purpose  the  said  Superintendent, 
or  the  person  or  the  persons  so  appointed  by  him,  shall 
have  power  to  examine,  under  oath,  the  officers  and 
agents  of  any  company  relative  to  the  business  of  said 
company ;  and  whenever  the  said  Superintendent  shall 
deem  it  for  the  interest  of  the  public  so  to  do,  he  shall 
publish  the  result  of  such  investigation  in  the  paper  in 
which  the  state  notices  are  directed  to  be  inserted  ;  and 
whenever  it  shall  appear  to  the  said  Superintendent, 
from  such  Examination,  that  the  Assets  of  any  such 
company   be  insufficient   to   reinsure    the   outstanding 


22  LIFE  INSURANCE  LAWS 

risks,  he  shall  communicate  the  fact  to  the  Attoruey- 
General,  whose  duty  it  shall  then  become  to  apply  to 
the  Supreme  Court  for  an  order  requiring  them  to  show- 
cause  why  the  business  of  such  company  should  not  be 
closed,  and  the  court  shall  thereupon  proceed  to  hear  the 
allegations  and  proofs  of  the  respective  parties;  and  in 
case  it  shall  appear  to  the  satisfaction  of  the  said  court 
that  the  Assets  and  funds  of  the  said  company  are  not 
sufficient,  as  aforesaid,  the  said  court  shall  decree  a  dis- 
solution of  said  company  and  a  distribution  of  its  effects, 
including  the  securities  deposited  in  the  hands  of  the 
said  Superintendent.  The  Supreme  Court  shall  have 
power  to  refer  the  application  of  the  Attorney-General 
to  a  referee,  to  inquire  into  and  report  upon  the  facts 
stated  therein.  And  whenever  it  shall  appear  to  the 
said  Superintendent  from  the  Report  of  the  person  or 
persons  appointed  by  him,  that  the  affairs  of  any  com- 
pany not  incorporated  by  the  laws  of  this  state,  are  in 
an  unsound  condition,  he  shall  revoke  the  Certificates 
granted  in  behalf  of  such  company,  and  shall  cause  a 
notification  thereof  to  be  published  in  the  state  paper 
for  four  weeks,  and  the  Agent  or  agents  of  such  com- 
pany are  after  such  notice,  required  to  discontinue  the 
issuing  of  any  new  policies.  The  expenses  of  any  Ex- 
amination made  under  this  section,  shall  be  borne  by  the 
company  so  examined.  [§17,  Chaf.  463,  Laws  of  1S53.] 
g  18.  Every  violation  of  this  act  shall  subject  the 
vioutionof  party  violating  to  a  penalty  of  five  hundred  dollars  for 
each  violation,  which  shall  be  sued  for  and  recovered  in 
the  name  of  the  people,  by  the  District  Attorney  of  the 
county  in  which  the  company  or  agent  or  agents  so  vio- 
lating shall  be  situated,  and  one-half  of  such  penalty 
when  recovered,  shall  be  paid  into  the  Treasury  of  such 


OF  THE  STATE  OF  NEW  YORK.  23 

county,  and  the  other  half  to  the  informer  of  such  viola- 
tion ;  and,  in  case  of  the  non-payment  of  such  penalty, 
the  party  so  offending  shall  be  liable  to  imprisonment  for 
a  period  not  exceeding  six  months,  in  the  discretion  of 
any  conrt  having  cognizance  thereof.  [§  18,  Chaji.  463, 
Laws  of  1853.] 

3  19.  When  any  company,  transacting  the  business  of  proceed- 
insurance  under  either  of  the  departments  specified  in  company™ 

wishes  to 

the  first  section  of  this  act,  within  the  State  of  New  rfi'''<i';i* 

Its  business. 

York,  shall  desire  to  relinquish  its  business,  the  Super- 
intendent of  the  Insurance  Department  shall,  on  appli- 
cation of  such  company  or  association,  under  the  oath 
of  the  President  or  principal  officer  and  Secretary  or 
Actuary,  give  notice  of  such  intention  in  the  paper  in 
whicli  the  state  notices  are  directed  to  be  inserted,  at 
least  twice  a  week  for  six  mouths ;  and  after  such  publi- 
cation he  shall  deliver  up  to  such  company  or  association 
the  securities  held  by  him,  belonging  to  them,  on  being 
satisfied  by  the  exhibition  of  the  books  and  papers  of 
such  company  or  association,  and  on  examination,  to  be 
made  by  himself  or  some  competent  person,  not  officer 
of  any  Life  Insurance  Company  in  this  state,  to  be  ap- 
pointed by  him,  and  upon  the  oath  of  the  President  or 
principal  officer,  and  the  Secretary  or  Actuary  of  the 
same,  that  all  debts  and  liabilities  of  every  kind  are 
paid  and  extinguished  that  are  due  or  may  become  due 
upon  any  contract  or  agreement  made  with  any  citizen 
of  the  United  States.  And  the  said  Superintendent  may 
also  from  time  to  time  deliver  up  to  such  Company  or 
Association  or  its  assigns,  any  portion  of  said  securities, 
on  being  satisfied  in  manner  and  form  aforesaid,  or  by 
any  other  competent  proof,  that  all  the  debts  and 
liabilities  of  every  kind  that  are  due  or  may  become  due 


24 


LIFE  INSURANCE  LAWS 


Charter  to 
continue 
until  re- 
pealed. 


Esisting 
companies 
may  avail 
themselves 
of  the  pro- 
visions of 
this  act. 


Parts  of 
acts  of  1849 
and  1851,  re- 
pealed. 


upon  any  contract  or  agreement  made  with  any  citizen 
of  this  state  by  said  Company  or  Association  are  less 
than  one-half  of  the  amount  of  the  portion  of  said  securi- 
ties he  shall  still  retain.  [^  19,  Chap.  463,  Laws  of  1853, 
OS  amended  by  ^1,  Chap.  263,  Laws  of  1859.] 

g  20.  Every  Charter  created  by  or  under  the  laws  of 
this  state  for  the  purposes  aforesaid,  shall  continue  until 
repealed.  [§  20,  Chap.  463,  Laws  of  1853.] 

g  21.  Any  existing  company  incorporated  by  or  au- 
thorized under  the  laws  of  this  state,  for  the  purposes 
mentioned  in  this  act,  may  avail  themselves  of  the  pro- 
visions of  this  act,  after  publishing  their  intentions  for 
six  weeks  in  the  state  paper,  and  obtaining  the  consent 
of  the  majority  of  the  Trustees  or  Directors,  and  com- 
plying with  the  third  section  of  this  act  in  relation  to 
the  filing  and  contents  of  the  Declaration  therein  re- 
ferred to.  R  21,  Chap.  463,  Laws  of  1853.] 

(J  22.  So  much  of  the  act  of  April  tenth,  eighteen 
hundred  and  forty-nine,  and  of  April  eighth,  eighteen 
hundred  and  fifty-one,  as  relate  to  Life  insurance,  is 
hereby  repealed,  but  this  section  shall  not  affect  any 
company  incorporated  under  such  acts.  [§  22,  Chap. 
463,  Laws  of  1853.] 

3  23.  This  act  shall  take  efiect  immediately.  ['§>  23, 
Chap.  463,  Laws  of  1853.] 


[For  the  Act  of  April  10th,  1849,  See  Session 
Laws  of  that  year,  Chap.  308  ;  for  the  Act 
of  April  Sth,  1851,  See  post  p.  25.] 


OF  THE  STATE  OF  NEW  YORK.  25 


Cliap.  95. 


AN  ACT  IN  RELATION  TO  ALL  COMPANIES  TRANS- 
ACTING THE  BUSINESS  OF  LiFE  INSURANCE  WITH- 
IN THIS  state;  passed  April  8th,  1851.* 

Section  1.  Every  Life  Insurance  Company  tr.insacting  business  in 
tbis  state,  sliall  deposit  one  hundred  thousand  dollars 
in  certain  stocks  or  bonds  and  mortgages ;  regula- 
tions, &c. 

2.  Stocks,  bonds  and  mortgages  to  be  held  as  security  for 

policy  holders  ;  companies  may  collect  interest  in  cer- 
tain cases  ;  securities  may  be  withdrawn  on  depositing 
other  like  securities ;  regulations  as  to  title  and  value 
of  real  estate  mortgaged. 

3.  Agents  not  to  act  in  this  state  without  procuring  Certili- 

cates  of  Authority. 

4.  Companies   from  other  states   and  foreign  countries,  to 

make  and  publish  Annual  Statements  of  their  condi- 
tion and  affairs ;  contents  thereof. 

5.  An  Examination  may  be  made  into  the  .affairs  of  any  com- 

pany when  deemed  expedient ;  proceedings  thereon. 

6.  Further  proceedings  when  the  Assets  are  not  sufficient  to 

re-insure  the  outst.anding  risks. 

7.  Certificates  of  Authority  to  lie  revoked  in  certain  cases. 

8.  Proceedings  when  company  desires  to  relinquish  business. 

9.  Penalty  for  violating  provisions  of  Act. 
10.  Eepealiug  section. 

The    People  of  the   State  of  Neiv   York,  represented  in 
Senate  and  Assembly,  do  enact  as  follows: — 

5  1.  Every  company  or  association  transacting  the  biisi-  $ioo,oooto 
ness  of  Life  insurance  within  the  State  of  New  York,  cd  wuh"*" 
shall,  on  or  before  the  1st  day  of  August,  in  the  year  one  ^o™p"""- 
tliousand  eight  hundred  and  fifty-one,  deposit  witli  tlie 
Comptroller  of  this  state  the  sum  of  fifty  thousand  dol- 
lars, and  on  or  before  the  first  of  February  thereafter, 
the  further  sum  of  fifty  thousand  dollars,  in  public  stocks 
of  the  United  States,  or  of  this  state,  or  stocks  or  bonds 
of  either  of  tlie  incorporated  cities  of  this  state ;  and 
which  stocks  or  bonds  shall  be  at  or  above  par  at  the 
time  of  such  deposit,  or  in  bonds  and  mortgages  on  un- 
incumbered improved  Real  Estate  situate  within  this  state, 
and  worth  at  least  fifty  per  cent  more  than  the  amount 

*  This  act  is  repealed  sub  modo ;  See  Section  22,  Chapter  463,  Laws  of 
1853,  Ante,  p.  24.  The  word  "Comptroller"  is  retained  in  this  Act, 
under  the  circumstances,  although  the  powers  and  duties  of  the  Comp- 
troller are  now  devolved  on  the  Superintendent  as  far  as  this  Act  remains 
in  force. 

4 


26  LIFE  INSURANCE  LAWS 

of  the  mortgage  thereon  ;  and  the  President  or  Agent 
of  every  company  shall  annex  to  every  mortgage  his 
affidavit  that  said  mortgage  was  made  and  taken  in  good 
faith  for  money  loaned  by  the  company  wliich  lie  repre- 
sents, to  the  amount  therein  named,  and  that  no  part 
thereof  has  been  since  paid  or  returned,  and  that  he  has 
reason  to  believe,  and  does  believe,  that  the  premises 
tliereby  mortgaged  are  wortii  at  least  fifty  per  cent  more 
than  the  aniount  of  the  mortgage  thereon ;  and  the 
Comptroller  shall  prescribe  such  regulations  for  ascer- 
taining the  title  and  value  of  such  Eeal  Estate  as  he  may 
deem  necessary ;  provided,  hovfever,  that  companies  or 
associations  established,  or  which  may  commence  opera- 
tions in  this  state  by  agents  or  otherwise,  subsequent  to 
the  passage  of  this  act,  shall,  before  obtaining  the  Cer- 
tificate required  by  the  act  to  provide  for  tiie  incorpora- 
tion of  insurance  companies,  passed  April  tenth,  eighteen 
hundred  and  forty-nine,  deposit  with  the  Comptroller  the 
sum  of  one  hundred  thousand  dollars,  in  securities  as 
hereinbefore  specified. 
Money.how  g  o,  hj^i^q  Comptroller  shall  hold  said  stocks,  bonds  and 
how  man-  mortgagcs  as  security  for  policy  holders  in  said  compa- 
"^'"^'  nies,  but  shall,  so  long  as  any  company  so  depositing 

shall  continue  solvent  and  shall  comply  with  all  the  re- 
quisites of  the  laws  of  this  state  applicable  to  such 
company,  permit  such  company  to  collect  the  interest 
or  dividends  on  its  bonds  and  mortgages  or  stocks  so 
deposited,  and  from  time  to  time  to  withdraw  any  of 
such  securities  on  dejiositing  with  the  Comptroller  other 
like  securities,  stocks  or  mortgages,  the  par  value  of 
which  shall  be  equal  to  the  par  value  of  such  as  may  be 
withdrawn ;  each  mortgage  so  substituted  to  be  also 
accompanied  with  an  aftidavit  as  required  in  the  first 
section;  and  the  Comptroller  shall  prescribe  such  i-egu- 
lations  for  ascertaining  the  title  and  value  of  the  real 
estate  covered  by  the  mortgage  so  substituted,  as  he 
may  deem  necessary. 
Agen.a.  §  3-  It  shall  iiot  be  lawful  for  any  person  to  act,  within 

this  state,  as  Agent  or  otherwise  in  receiving  or  procuring 
apjilication  for  insurance  in  or  in  any  manner  to  aid  in 
transacting  tin;  insurance  business  of  any  company  or  as- 
sociation not  incorporated  under  the  laws  of  this  state, 
until  he  has  procured  a  Certificate  from  the  Comptroller 


OP  THE  STATE  OF  NEW  YORK.  27 

that  tlie  company  or  association  for  which  he  acts  has 
complied  with  all  the  provisions  of  this  act ;  antl  for 
every  Certificate  so  obtained  the  sum  of  three  dollars 
shall  be  paid  to  the  Comptroller. 

<S  4.  Every  company  or  corporation  organized  under  ReportBtn 

ill  X'       ■    i.  i    i.  i-        ■  i.  ]    be  mndc  by 

the  laws  of  sister  states  or  toreign  governments,  and  fon-iun 
transacting  the  business  of  Life  insurance  in  this  state,  '^™p"""=- 
shall,  witliin  three  months  after  the  passage  of  this  act, 
and  on  or  before  the  first  day  of  February  in  each  year 
thereafter,  furnish  to  the  Comptroller,  and  shall  also 
publish  in  the  state  paper,  daily  for  two  weeks,  a  state- 
ment, verified  by  the  oath  of  their  President  or  principal 
officer,  and  a  majority  of  tlieir  Directors  or  Trustees, 
showing  the  amount  of  paid  up  capital,  and  accumula- 
tions of  which  they  are  possessed,  and  specifying  the 
securities  in  which  they  are  invested,  with  the  amount 
of  each;  the  number  of  policies,  and  the  amount  of  out- 
standing risks  thereon  ;  the  several  amounts  received  in 
premiums  and  from  other  sources  for  the  current  }^ear  ; 
the  amount  of  losses  and  expenses  severally  for  the  same 
period ;  the  amount  of  claims  remaining  unpaid ;  the 
amount  of  fund  reserved  for  re-insurance ;  the  amount  of 
premium  notes  held  by  the  company  on  account  of  poli- 
cies in  force;  the  amount  of  premium  notes,  if  any,  held 
on  account  of  policies  upon  which  the  risk  has  termi- 
nated ;  the  whole  number  of  policies  issued  or  continued 
through  their  agencies  in  this  state,  the  amount  at  risk 
thereon,  and  the  gross  amount  of  premiums  received 
therefor  in  the  year  preceding  their  report;  the  number 
and  amount  of  losses  paid  through  their  agencies  during 
the  same  period. 

§  5.  It  shall  be  lawful  for  the  Comptroller,  whenever  Affairs  to 
he  shall  deem  it  expedient  so  to  do,  to  appoint  one  or  becxamm- 
more  competent  persons,  not  officers  of  any  Life  insu- 
rance company  doing  business  in  this  state,  to  examine 
into  the  affairs  of  any  Life  insurance  company  incorpo- 
rated in  this  state,  or  doing  business  by  its  agents  in  this 
state,  and  it  shall  be  the  duty  of  the  officers  or  agents  of 
any  company  doing  business  in  this  state,  to  cause  their 
books  to  be  opened  for  the  inspection  of  the  person  or 
persons  so  appointed,  and  otherwise  to  facilitate  such 
examination  so  far  as  it  may  be  in  their  power  to  do ; 
and  for  that  purpose  the  Comptroller  or  the  person  or 


28 


LIFE  INSURANCE  LAWS 


And  report 
published. 

Proceed* 
inpe  upon 
report. 


Comptrol- 
ler when  to 
revoke  cer- 
tificates . 


Manner  of 
closing  bu* 


persons  so  appointed  by  him,  sliall  liave  power  to  ex- 
amine, under  oath,  the  officers  and  agents  of  any  com- 
pany relative  to  the  business  of  said  company;  and 
whenever  the  Comptroller  shall  deem  it  for  the  interest 
of  the  public  so  to  do,  he  shall  publish  the  I'csult  of  such 
investigation  in  one  or  more  papers  in  this  state. 

3  6.  Whenever  it  shall  appear  to  the  Comptroller,  from 
Examination  made  under  his  direction,  that  the  Assets 
are  not  sufficient  to  insure  the  outstanding  risks  of  any 
company  incorporated  in  this  state,  he  shall  communicate 
the  fact  to  the  Attorney-General,  whose  duty  it  shall 
then  become  to  apply  to  the  Supreme  Court  for  an  order 
requiring  them  to  show  cause  why  the  business  of  such 
company  should  not  be  closed,  and  the  court  shall  there- 
upon pi'oceed  to  hear  the  allegations  and  proofs  of  the 
respective  parties;  and  in  case  it  shall  appear  to  the  sat- 
isfaction of  said  court  that  the  Assets  and  funds  of  the 
said  company  are  not  sufficient  as  aforesaid,  the  said 
court  shall  decree  a  dissolution  of  said  company  and  a 
distribution  of  its  eifects,  including  the  securities  de- 
posited in  the  hands  of  the  Comptroller.  The  Supreme 
Court  siiall  have  power  to  refer  the  application  of  the 
Attorney-General  to  a  referee  to  inquii'e  and  report  upou 
the  facts  stated  therein. 

§  7.  Whenever  it  shall  appear  to  the  Compti'oller,  from 
the  report  of  the  person  or  persons  appointed  by  him, 
that  the  affairs  of  any  foreign  company,  as  aforesaid,  are 
in  an  unsound  condition,  he  shall  revoke  all  such  Certifi- 
cates in  behalf  of  such  compauj^,  and  shall  cause  a  noti- 
fication thereof  to  be  published  in  the  state  paper  for 
four  weeks,  and  the  agent  of  such  company  is,  after  such 
notice,  required  to  discontinue  the  issuing  of  any  new 
policy. 

3  8.  When  any  company  transacting  the  business  of 
Life  insurance  within  the  State  of  New  York,  shall  desire 
to  relinquish  its  business,  the  Comptroller  shall,  on  ap- 
plication of  such  company  or  association,  under  the  oath 
of  the  President  or  principal  officer,  and  secretaiy,  give 
notice  of  such  intention  in  the  state  paper  at  least  twice 
a  week,  for  six  mouths ;  and  after  such  publication  he 
shall  deliver  up  to  such  company  or  association,  the  se- 
curities held  by  him  belonging  to  them,  on  being  satisfied 
by  the  exhibition  of  the  books  and  papei's  of  such  com- 


OF  THE  STATE  OF  NEW  YORK.  29 

pany  or  association  and  the  Examination  aforesaid,  and 
upon  tlie  oath  of  the  President  or  principal  officer,  and 
secretary  of  the  same,  that  all  debts  and  liabilities  of 
every  kind  are  paid  and  extinguished,  that  are  due  or 
may  become  due  upon  any  contract  or  agreement,  made 
with  any  citizen  of  this  state. 

g  9.  Every  violation  of  this  act  shall  subject  the  party  rcnaiiicA. 
violating  to  a  penalty  of  five  hundred  dollars  for  each 
violation,  which  shall  be  sued  for  and  I'ecovered  in  the 
name  of  the  peojile,  by  the  District  Attorney  of  the 
county  in  which  the  company  or  the  Agent  or  agents  so 
violating  shall  be  situated,  and  one-half  of  the  said  pen- 
alty, when  recovered,  shall  be  paid  into  the  Treasnry  of 
said  county,  and  the  other  half  to  the  informer  of  such 
violation;  and  in  case  of  the  non-payment  of  such  pen- 
alty, the  party  so  offending  shall  be  liable  to  imprison- 
ment for  a  period  not  exceeding  six  months,  in  the 
discretion  of  any  court  having  cognizance  thereof. 

5  10.  So  much  of  the  act  passed  April  tenth,  one  thou-  Kepeai. 
sand  eight  hundred  and  forty-nine,  in  relation  to  the  in- 
corporation of  insurance  companies,  as  is   inconsistent 
with  the  provisions  of  this  act,  is  hereby  repealed. 


30  LIFE  INSURANCE  LAWS 


Chap.  80. 

AN   ACT  IN  RESPECT  TO  INSURANCES  FOR  LlVES  FOR 

THE  Benefit  of  Married  Women  ;  passed 
April  1,  1840,  (with  amendments  to  January 
1st,  1862.) 

The  People  of  the  Slate  of  New  York,  represented  in 
Senate  and  Assemhhj,  do  enact  as  follows: — 

%  1.  It  shall  be  lawful  for  any  married  woman,  by 
herself,  and  in  her  name,  or  in  tiie  name  of  any  third 
person,  with  his  assent,  as  her  trustee,  to  cause  to  be 
insured,  for  her  sole  use,  the  life  of  lier  husband  for  any 
definite  period,  or  for  the  term  of  his  natural  life ;  and 
in  case  of  her  surviving  her  husband,  the  sum  or  net 
amount  of  the  insurance  becoming  due  and  payable,  by 
the  terms  of  the  insurance,  shall  be  payable  to  her,  to 
and  for  her  own  use,  free  from  the  claims  of  the  repre- 
sentatives of  the  liusband,  or  of  any  of  his  creditors  ; 
but  such  exemption  shall  not  apply  where  the  amount 
of  premium  annually  paid  out  of  the  funds  or  property 
of  tiie  husband  shall  exceed  three  hundred  dollars.  [§  1, 
Chap.  80,  Laii's  of  18H),  as  amended  bij  §  1,  Chap.  187, 
Laws  of  1858.] 

<5  2.  In  case  of  the  death  of  the  wife,  before  the  decease 
of  her  husband,  the  amount  of  the  insurance  may  be  made 
payable  after  her  death  to  her  children  for  their  use,  and 
to  their  guardian,  if  under  age.  [§  2,  Chap.  80,  hawi  of 
1840,  and  %  2,  Chap.  187,  Laws  of  1S58.] 


OF  THE  STATE  OF  NEW  YORK.  31 

Chap.  469. 

AN    ACT   TO    AMEND    THE  GENERAL    LaW  RELATIVE 

TO  THE  Incorporation  of  Insurance  Companies; 
passed  June  29,  1853. 

The  People  oj  the  Slate  of  New   York,  represented  in 
Senate  and  Assembly,  do  enact  as  follows  :  — 

g  1.  Any  Mutual  Life  Insurance  Company  in  this  compnnies 
state,  incorporated  previously  to  the  passage  of  the  ]"ct°to"axa. 
general  Insurance  Law,  on  the  tenth  day  of  April, 
eighteen  luindred  and  forty-nine,  shall  he  subject  to  taxa- 
tion in  the  same  manner  as  if  it  were  incorporated  under 
said  geueral  law,  with  a  capital  of  one  hundred  thousand 
dollars  as  required  by  the  sixth  section  of  the  said  gene- 
ral law. 


lion. 


Chap.  83. 


AN  ACT  TO  declare  the  intention  and  make 
more  certain  an  act  entitled  "An  Act  to 

AMEND     THE     GENERAL     LaW     RELATIVE     TO     THE 

Incorporation  of  Insurance  Companies,  passed 
June  twenty-ninth,  eighteen  hundred  and 
fifty-three  ;"  passed  March  24,  1855,  three- 
fifths  being  present. 

The  People  of  the  State  of  New   York,   represented  in 
Senate  and  Assemhly,  do  enact  as  follows  :  — 

§  1.  Any  Mutual   Life  Insurance  Company  incorpo-  MutimiLifo 
rated  in  this  state  previous  to  the  passage  of  the  general  company" 
Insurance  Law,  on  the  tenth  day   of  April,  eighteen  ;"j"£j^f„7j 
liundred  and  forty-nine,  shall  be  subject  to  taxation  on  ^p^''^1; 
the  sum  of  one  hundred  thousand  dollars  for  personal  jcct  to  taxa- 
property  aud  no  more  ;  and  it  is  hereby  declared  that  sm'arpro'^' 
such  was  the  intention  and  it  is  the  true  construction  of  ^!<V^,|,''of  ° 
said  act  of  June  twenty-ninth,    eighteen   hundred   and  ^J^"'™" 
fifty-three,  in  regard  to  any  taxes  imposed  on  said  com- 
panies after  said  act  took  effect. 


INDEX. 


A. 

Pagej 
ACCUMULATIONS :  — 

May  be  invested  in  certain  securities 13 

Amount  and  nature  of,  to  be  reported  in  Annual  Statement 16 

ACT:  — 

For  the  Incorporation  of  Life  and  Health  Insurance  Companies,  and  in 

relation  to  agencies  of  such  Companies,  passed  June  24th,  1853  (with 

amendments  and  additions  to  January  1st,  1862), 7 

In  relation  to  all  Companies  transacting  the  business  of  Life  Insurance 

within  this  State,  passed  April  8th,  1851 25 

Repeal  of,  (sw6  niodo), 24 

In  respect  to   Insurance  for  Lires  for  the  benefit  of  married  women, 

pnssed  April  1,  1840  (with  amendments  to  January  1,  1862), 30 

To  Amend  the  General  Law  relative  to  the  lucorporation  of  Insurance 

Companies,  passed  June  29th,  1853, 31 

To  Declare  the  Intention  and  make  more  certain  an  act  entitled  "  An  act 

to  Amend  the  General  Law  relative  to  the  Incorporation  of  Insurance 

Companies,  passed  June  29th,  1853,"  passed  March  24,  1855, 31 

AGENTS :  — 

Of  Companies  of  other  States,  not  to  transact  the  business  of  Life  Insu- 
rance except  in  certain  cases,  and  after  having  received  Certificates  of 
Authority  from  the  Superintendent  of  the  Insurance  Department,  17,  18,  19 

Of  Foreign  Companies,  regulations  concerning, 19,  20 

Duty  of,  to  facilitate  Examination  of  Company  made,  or  caused  to  be 

made,  hy  the  Superintendent  of  tlie  Insurance  Department 21 

Of  Companies  not  incorporated  by  the  laws  of  this  State,  required  to 
discontinue  the  issuing  of  new  policies  in  certain  cases  ;  publica- 
tion by  Superintendent  of  the  Insurance  Department  of  Notifica- 
tion that  their  Certificates  of  Authority  are  revoked 22 

AMENDMENT :  — 

Of  Charter,  in  conformity  with  Cliap.  328,  Laws  of  1860,  may  be  made, .         14 
Of  Charter,  may  be  made  by  Companies  so  as  to  avail  themselves  of 

the  provisions  of  tlie  Act  of  1853,. .  - 24 

Of  General  Law,  relative  to  the  incorporation  of  Insurance  Companies, 

passed  June  29,  1853 31 

5 


34  INDEX. 

Page. 
ANNUAL  STATEMENTS :  — 

To  be  made  and  filed  by  the  ofBcers  of  all  Life  Insurance  Companies 

organized  under  the  laws  of  this  State ;  contents  thereof, 15,  16,  17 

Forms  for,  to  be  provided  by  Superintendent  of  the  Insurance  Depart- 
ment,           -^ ' 

To  be  made  by  Life  Insurance  Companies  of  other  States  and  by  Foreign 
Life  Insurance  Companies,  in  the  same  form  and  manner  as  by  our 
own  Companies, 19,  20 

ANNUITIES,  Power  of  Companies  to  grant,  purchase  or  dispose  of, 8 

APPLICATION  to  the  Superintendent  of  the  Insurance  Department  to  be 

made  by  a  Life  Insurance  Company  desiring  to  relinquish  business,        23 

ASSETS  of  a  Life  Insurance  Company,  to  be  specified  in  its  Annual  Statement.        16 

ATTORNEY  :— 

For  a  Life  Insurance  Company  from  another  State  or  country  to  be  ap- 
pointed in  this  State ;  to  file  with  the  Superintendent  of  the  Insu- 
rance Dt'partment  a  certified  copy  of  said  Company's  Charter  and  of 
his  own  appointment;  to  file  Annual  Statement  of  the  Company's 
affairs  ;  his  appointment  to  continue  until  another  is  substituted,  18, 19,  20 

For  a  Foreign  Life  Insurance  Company,  to  make  an  Annual  Statement 

of  the  Company's  affairs  in  the  United  States, 20 

ATTOENEY-GENERAL,  to  examine  Declaration  prior  to  the  organization  of 

a  Life  Insurance  Company, 10 

Duty  of,  to  apply  to  the  Supreme  Court  for  an  order  to  close  the  business 

of  a  Life  Insurance  Company  in  certain  cases, 22 

AUTHORITY  to  commence  business: — 

For  a  Life  nr  Health  Insurance  Company  organized  under  the  Laws  of 

this  State, 13 

For  a  Company  from  another  State, 19 

For  a  Foreign  Life  Insurance  Company, 20 


B. 

BANKING  DEPARTMENT,  Description  of  Stocks  and  Securities  receivable 

at,  (See  Note,) 11 

BODIES  CORPORATE  AND  POLITIC,  Companies  organized  under  the  Act 

of  June  24,  1853,  to  be  taken  as,. 15 

BONDS  AND  MORTGAGES:— 

The  Capital  of  a  Life  Insurance  Company  may  be  invested  in  ;  regulations 

concerning 11 

The  Funds  and  Accumulations  of  a  Company  may  be  invested  in ;  regu- 
lations,          13 

Deposited  by  a  Life  Insurance  Company  of  anotherState ;  regulations 

concerning, 17, 18 

BOOKS  OF  SUBSCRIPTION  to  the  Capital  Stock  of  a  Life  Insurance  Com- 
pany ;  when  to  be  opened , . .         10 

BY-LAWS,  Power  of  Corporators,  or  Trustees  or  Directors  to  make ;  not  to 

be  iuconsisteut  with  the  Constitution  or  Laws  of  this  State 15 


INDEX.  36 

Page. 

c. 

CAPITAL:  — 

Amount,  requisite  for  Life  or  Health  Insurance  Companies 10, 11 

To  be  wholly  paid  in  and  invested,  before  proceeding  to  business;  man- 
ner of  investment ;  may  be  changed  and  re-invested, 11 

Of  Life  Insurance  Companies  from  other  States,  to  be  of  the  same 
amount  as  required  for  Companies  of  this  State  ;  and  to  be  invested 
in  securities  of  a  similar  nature, 1(,18 

CAPITAL  STOCK:— 

To  be  subscribed  to,  and  under  certain  circumstances  distributed  among 

subscribers, 10 

Amount  of  to  be  specified  in  Annual  Statement 16 

CERTIFICATE:  — 

Of  the  Attorney-General  as  to  the  Declaration  and  Charter  of  the  Coi-po- 
rators  of  a  Life  or  Health  Insurance  Company,  preliminary  to  the 
organization  of  the  Company  ;  to  be  recorded, 10 

Of  Deposit,  to  be  fnrnished  by  the  Superintendent  of  the  Insurance  De- 
partment, .and  ivhen  filed  with  other  papers  in  the  County  Clerk's 
Office,  to  be  the  Authority  to  commence  business  ;  and  when  so  filed 
may  be  used  as  evidence  for  .and  .against  the  Corporation  in  all  suits,         13 

To  extend  time  for  sale  of  Real  Estate  owned  by  Life  or  Health  Insurance 

Companies,  may  be  issued  by  Superintendent  in  certain  cases, 15 

Of  the  Comptroller  or  chief  Fiuiiiicial  Officer  of  another  State,  tb.at  a  Life 
Insurance  Company  of  th.at  State  has  deposited  securities  with  him, 
to  be  furnished  to  the  Superintendent  of  the  Insurance  Department,        18 

CERTIFICATE  OF  AUTHORITY:  — 

To  be  granted  by  Snperintendent,  in  certain  cases,  to  the  Agents  of  Life 
Insurance  Companies  from  other  States,  or  Foreign  Countries  ;  regu- 
lations concerninc;, 19,  20 

To  be  filed  in  County  Clerk's  Office, 19,  20 

CERTIFIED  COPY  of  DecIar.ation  and  Charter,  to  be  furnished  to  Corpora- 
tors by  Superintendent ;  and  by  them  filed  in  the  County  Clerk's 
Office, 10,  13 

CHARTER:— 

Of  a  Life  or  Health  Insurance  Company,  to  be  comprised  in  Declaration, 

and  filed  in  Insur.ance  Department ;  contents  thereof, 9 

Amendment  of,  provided  for  by  5  3,  chap.  328,  Laws  of  18B0, 14 

Of  a  Life  or  Health  Insurance  Company  org.anized  under  laws  of  this 

State,  to  continue  till  repealed, 24 

COMPANIES:  — 

Incorporated,  may  be  formed  for  the  purposes  of  Insurance  upon  the  Lives 
of  Individuals  ;  and  upon  the  Health  of  Individuals,  and  the  lives  of 
live  stock,   8 

When  organized  under  one  Department  of  the  Law  of  June  24,  1853,  not 

to  take  risks  in  the  other  Department, 9 

Authorized  to  effect  re-insurance, 9 

Organized  under  Chap.  4U3  and  Chap.  551,  Laws  of  1853,  m.ay,  by  a  vote 
of  their  Directors,  .accept  the  provisions  of  Chap.  328,  Laws  of  1860, 
and  amend  their  Ch.arter  to  conform  to  the  same, 14 

Life  Insurance,  may  maintain  suits  at  law  against  members  and  stock- 

hold'irs ;  and  vice  versa 15 


36  INDEX. 

Page. 
COMPANIES  r—  Continued. 

Formed  under  Act  of  June  24,  1853,  shall  be  deemed  bodies  corporate 
and  politic,  and  subject  to  the  provisions  of  the  Revised  Statutes 
(exceptions) 15 

From  other  States,  and  from  Foreign  Countries,  to  make  Annual  State- 
ments in  same  form  and  manner  as  our  own  Companies, 19,  20 

Desiring  to  relinquish  business,  to  institute  certain  proceedings, 23 

Incorporated  under  the  laws  of  this  State  may  avail  tliemselves  of  the 
provisions  of  the  Act  of  June  24,  1853,  by  complying  with  certain 
requisitions 24 

CONSENT  OF  SUPERINTENDENT,  requisite  to  amend  Charter  in  conformity 

to  the  act  of  1860, 14 

To  extend  time  for  sale  of  Real  Estate, 15 

CONSTITUTION,  extract  from, 5 

CONTENTS,  table  of, 3 

CORPORATIONS  :— 

Life  Insurance,  how  created, 5 

Term,  as  used  in  article  VIII  of  Constitution,  defined, 5 

May  sue  and  be  sued  in  like  cases,  as  natural  persons,  5 

CORPORATORS  :— 

Designation  of,  applied  to  certain  persons, 9 

Of  a  Life  Insurance  Company,  to  file   Declaration  in  the  oflice  of  the 

Superintendent,   9 

COUNTY  CLERK,  Certificate  of  Authority  to  be  filed  in  office  of, 19,  20 

Fees  of, 21 

CREDITORS,  of  a  man  whose  life  is  insured  for  the  benefit  of  his  wife,  to 

have  no  claim  upon  amount  of  Insurance  ;  exceptions 30 

D. 

DECLARATION :  — 

To  be  filed  in  the  Oflice  of  the  Superintendent  of  the  Insurance  Depart- 
ment, by  the  corporators  of  a  Life  or  Health  Insurance  Company  ; 

contents  thereof, 9 

To  be  recorded,  with  Certificate  of  Attorney-General, 10 

Certified  copy  of,  and  Certificate  furnished  by  Superintendent  to  Directors ; 

and  to  be  by  them  filed  in  County  Clerk's  Office, 10,  13 

DEPOSIT  :— 

Of  securities,  to  be  made  with  the  Superintendent,  by  Life  or  Health  In- 
surance Companies  of  this  State;  by  foreign  Companies,  12,  19 

Certificate  of,  to  be  furnished  to  Companies  by  Superintendent, 13,  20 

Of  securities,  to  be  made  by  Companies  of  other  States  with  the  Chief 
Financial  Officer  of  the  State,  under  the  laws  of  which  the  Com- 
pany is  organized 17, 18 

Certificate  of,  to  be  furnislied  to  the  Superintendent  of  the   Insurance 

Department  by  a  Company  from  another  State 18 

DIRECTORS  of  a  Life  Insurance   Company,  majority  of,   to  be  citizens  of 

this  State ". 9 

DISTRIBUTION  of  the  stock  of  a  Life  or  Health  Insurance  Company,  among 

subscribers ;  in  what  cases  to  take  place, 10 


INDEX.  87 


Page. 


DIVIDENDS  on  Stocks  and  Securities,  held  by  Superintondent  in  trust,  may 

be  collected  during  solvency  of  the  company  depositing, 12 

DURATION  of  the  Charter  of  a  Life  Insurance  Company  under  the  laws  of 

this  State 24 

DUTY  of  officers  or  agents  of  Life  or  Healtli  Insurance  Companies  to  open 

l)ooks  for  inspection  in  case  of  Examination  by  Snperintendent,  ...         21 

E. 

EVIDENCE,  certified  copy  of  Charter  and  certificates  filed  in  County  Clerk's 

Office,  may  be  used  as  evidence  for  or  against  the  company, 13 

EXAMINATION  :— 

Of  Declaration  of  a  Life  Insurance  Company  by  Attorney-General, 10 

Of  the  afl'airs  of  a  Life  Insurance  Company  to  be  caused  to  be  made  by 

Superintendent  in  certain  cases, 21 

Expense  of,  to  be  borne  by  company  examined, 22 

EXPENDITURES  of  a  Life  Insurance  Company  to  be  specified  in  its  Annual 

Statement, 16 


F. 

FARM  BUILDINGS:  — 

Not  to  be  estimated  in  the  valuation  of  real  estate  mortgaged  to  Life  In- 
surance Companies, 11 

FOREIGN  LIFE  INSURANCE  COMPANIES  :  — 

To  make  deposit  of  securities  with  Superintendent  of  Insurance  Depart- 
ment ;  auiount  and  nature  of  such  securities, 19 

To  appoint  an  Attorney  in  this  State  upon  whom  process  of  law  can  be 

served, 19 

Required  to  make  Annual  Statement  in  the  same  form  and  manner  as  our 

own  Companies, 20 

FORMS  for  Annual  Statement  to  be  furni.shed  by  Superintendent ;  power  of 

the  Superintendent  to  change  and  alter  the  same, 17 

I. 

IMPRISONMENT :  — 

Party  liable  to,  lor  non-payment  of  penalty  for  violation  of  act, 22,  23 

INCOME;  — 

Of  a  Life  Insurance  Comp.any  to  be  specified  in  Annual  Statement 16 

INDIVIDUAL  LIABILITY:  — 

Constitutional  provision  concerning 5 

INSURANCE:— 

Amount  effected  during  the  year  to  be  reported  in  Annual  Statement, ...  16 
For  the  benefit  of  a  married  woman,  may  be  made  payable  to  her  chil- 
dren in  case  she  dies  before  her  hu.--band,  30 

Comimnies  may  be  formed  for  the  jnnposo  of  making  Insurance  upon  the 
Lives  of  individuals,  or  on  the  Health  of  individuals,  and  on  the  life 
of  live  stock,   8 


38  INDEX. 

Page. 

INTENTIONS :  — 

To  form  a  Life  Insurance  Company,  Declaration  of,  to  be  filed  in  Insu- 
rance Department, 9 

To  be  publislied  in  State  Paper 10 

INTEREST:— 

On  securities  deposited  with  the  Superintendent  in  trust,  permission  to 

collect, 12 

Amount  of,  received  during  year  to  be  reported  In  Annual  Statement, ...         16 

INVESTMENT : — 

Of  cash  capital  of  Life  and  Health  Insurance  Companies,   how   to  be 

made 11,12 

Of  Funds  and  Accumulations, 13 


LAWS,  general  or  special,  creating  corporations,  may  be  altered  or  repealed,  6 

LIABILITY,  individual,  constitutional  provision  concerning, 5 

LIABILITIES,   amount  of,  to  be  reported  in  Annual  Statement  of  a  Life 

Insurance  Company, 16 

LIMITATION  of  time  for  holding  real  estate  owned  by  a  Life  Insurance  Com- 
pany (exceptions), 1-1,  15 

LIVES :  — 

Of  individuals,  power  to  make  Insurance  thereon, 8 

Of  cattle,  horses  and  other  live  stock,  power  to  insure, 8 

LOANS : — 

May  be  made  by  Life  or  Health  Insurance  Companies  on  Citv,  United 
States  and  New  York  State  stocks,  and  on  bonds  and  Mortgages ; 
regulations  concerning, 13 


M. 

MARGIN,  on  value  of  property  mortgaged  to  Life  Insurance  Companies,  11,  13,  18 

MARRIED  WOMEN,  an  Act  for  the  benefit  of,  for  Insuring  the  lives  of  their 

husbands, 30 

MORTGAGES :  — 

On  Real  Estate,  Capital  and  Funds  of  a  Life  Insurance  Company  may  be 

invested  in,   11,13,17,18 

Not  to  be  greater  in  amount  than  four-sevenths,  (or  under  rules  of  the 
Banking  Department,  two-fifths,)  of  the  value  of  the  premises 
covered  by  them, 11 

MUTUAL  LIFE  INSURANCE  COMPANIES  :  — 

Incorporated  previous  to  the  passage  of  the  law  of  April  10th,  1849,  to 

be  suliject  to  taxation  as  if  incorporated  under  said  law 31 

To  be  subject  to  taxation  on  one  hundred  thousand  dollars  for  personal 

property,  and  uo  more.  Chap.  83,  Laws  of  1855, 31 


INDEX.  39 

Psgf. 

N. 
NOTICE:  — 

Of  intention  to  form  a  Life  or  Health  Insurance  Company  to  lie  pub- 
lished for  six  weeks, 10 

Of  result  of  an  investigation  into  the  affairs  of  a  Life  Insurance  Com- 
pany to  be  published  in  certain  cases, 21 

Of  intention  of  a  Company  to  relinquish  business  to  be  published  twice 

a  week  for  six  months 23 

NOTIFICATION  of  Revocation  of  Certificates  of  Authority  to  Agents  of  Life 
Insurance  Companies  not  incorporated  under  the  laws  of  this  State, 
to  be  published  in  State  paper  by  Superintendent, 22 

NUMBER  of  persons  who  may  associate  and  form  an  Incorporation  for  the 
purposes  stated  in  1st  and  2d  Departments  of  the  Act  of  June  24, 
1853, 8 

o. 

OFFICERS  OF  LIFE  INSURANCE  COMPANIES  :  — 

Duty  of,  to  open  books  and  facilitate  any  Examination  caused  to  be  made 

by  the  Suj>erintendent  of  the  Insurance  Department, 21 

To  make  application  to  Sujierintendent,  under  oath,  in  case  of  intention 
to  relinquish  business ;  and  to  make  oath  that  all  liabilities  are 
extinguished 23 

ORIGINAL:  — 

Section  6  of  Chap.  463,  Laws  of  1853,  referring  to  the  organization  of 
Life  and  Health  Insurance  Companies  and  the  investment  of  their 
Capital 12,13 

Section  S,  Chap.  463,  Laws  of  1853, 13,  14 

P. 

PENALTY,  for  violation  of  Act  of  June  24,  1853,  to  be  sued  for  by  District 

Attorney  ;  to  whom  to  be  paid, 22, 23 

PENALTIES,  for  neglect  or  refusal  of  Agents  of  Foreign  Life  Insurance  Com- 
panies to  make  Statements,  same  as  provided  in  case  of  New  York 
State  Companies, , 20,  21 

PERSONAL  LIABILITY,  Constitutional  provisions  concerning 5 

PERSONS,  number  of,  who  may  associate  and  form  Incorporation  for  the  pur- 
poses specified  in  M,  Chap.  463,  Laws  of  1853, 8 

POLICIES,  Number  and  amount  of,  issued  and  in  foi-oe,  and  tabular  state- 
ments thereof  to  be  made,  in  Anniial  Statement, 16,  17 

PREMIUMS,    Amount  of,   received   during  year,  to  he  reported   in  Annual 

Statement, 16 

POWER  of  Superintendent  to  examine  affairs  of  a  Life  Insurance  Company  or 

to  appoint  persons  for  that  purpose, 21 

PRESIDENT,  or  other  officers  of  a  Life  Insurance  Company,  duty  of,  to  make 

Annual  Statements  to  Superintendent, 15, 16 

PROCEEDINGS  in  case  a  Company  wishes  to  relinquish  bu.siness, 23 


40  INDEX. 

P»ge. 
PUBLICATION  :  — 

In  Stutf  I'aper,  of  Inteiitiou  of  Corporators,  to  form  a  Life  or  Health  In- 
surance Company,   10 

Of  result  of  an  investigation  of  a  Life  Insurance  Company's  affaii-s,  to 

be  made,  at  discretion  of  the  Superintendent, 21 

Of  Notification  of  Revocation  of  Certificates  of  Authority  to  be  made  by 

Superintendent,  in  State  Paper, 22 

Of  notice  of  intention  of  a  Company  to  relinquish  business ;  when  and 

liow  to  be  made, 23 

R. 

REAL  ESTATE  :  — 

May  be  held  by  Life  Insurance  Companies,  in  what  manner  and  for  what 

purposes 14, 15 

Held  by  Companies,  to  be  disposed  of  within  five  years 14 

Certificate  to  postpone  sale  of,  may  be  issued  by  Superintendent  in  certain 

cases 15 

RECORD  to  be  made  of  Declaration  and  Charter  of  Corporators  of  a  Life 
Insurance  Company,  and  of  the  Attornej'-General's  Certificate 
thereto 10 

REFEREE,  Power  of  Supreme  Court  to  appoint  in  case  of  Application  by  At- 
torney-General to  close  the  business  of  a  Life  Insurance  Company,  .         22 

RE-INSURANCE,  Power  of  Company  to  efi'ect 9 

REPE.\L  sub  modo,  of  portions  of  the  Acts  of  April  10th,  1849,  and  April 

8th,  1851,  relating  to  Life  Insurance, 24 

REQUIREMENTS : 

For  admission  of  Companies  from  other  States, 17,  18,  19 

For  admission  of  Companies  from  Foreign  Countries, 19, 20 

REVOCATION  of  Certificates  of  Authority  to  be  made  by  Superintendent  in 

certain  cases, 22 

RISES  under  First  department  of  the  Law  of  June  24,  1853,  not  to  be  taken 
by  a  Company  organized  under  the  Second  department,  and  vice 
versa, 9 

s. 

SALE  of  Real  Estate  owned  by  a  Life  Insurance  Company,  may  be  postponed 

by  Certificate  of  Superintendent " " 15 

SEAL,  Corporators  of  a  Life   Insurance  Company  have  power  to  adopt 15 

SECRETARY  or  other  officers  of  a  Life  Insurance  Company  to  make  Annual 

Statement, j5    jg 

SECURITIES  :— 

Of  Life  and  Health  Insurance  Companies,  what  to  consist  of;  amount 
to  bo  deposited  witli  Superintendent  of  Insurance  Department;  may 

be  witiulrawn  and  exchanged, H    J2 

Dcscrii)lion  of,  receivable  at  Banking  Di-partment, .'..      '   n 

Of  a  Life  Insurance  Company  from  another  State  to  be  deposited  with 
Chief  Financial  Ollicer  of  that  state;  nature  thereof;  may  be  ex- 
changed ;  and  interest  thereon  received  by  Company, 17    18 


INDEX.  41 

Pago. 
SERVICE  of  Process,  may  be  made  upon  the  Attorney  of  a  Life  Insurance 

Company  from  another  State  or  Country, 19,  20 

STATEMENT,  Annual,  of  a  Life  Insurance  Company,  when  to  be  made  and 

tiled  ;  manner  and  contents  thereof,   15,   16,  17 

To  be  filed  by  the  Attorney  of  a  Company  from  another  State  or  Country,  19,  20 

STOCK  of  a  Life  Insurance  Company  to  be  distributed  among  subscribers  in 

certain  cases, 10 

STOCKS:— 

Of  the  State  of  New  York  or  the  United  Slates,  the  capital  of  a  Life 

Insurance  Company  may  be  invested  in, 11 

Description  of,  receivable  at  Banking  Department, 11 

Of  incorporated  cities  of  this  State,  funds  and  accumulations  of  a  Life 

Insurance  Company  may  be  invested  in, 13 

Description  of,  in  which  the  capital  of  a  Life  Insurance  Company  from 

another  State  may  bo  invested, 17 

STOCKHOLDERS  may  bring  suits  at  law  against  a  Life  Insurance  Corporation 

in  certain  case.s 15 

SUITS  AT  LAW,  may  be  maintained  by  Life  Insurance  Corporations  again.-st 

any  of  their  members,  and  vice  versa, 15 

SUBSCRIPTION  BOOKS  to  Capital  Stock,  when  to  be  opened ;  regulations,        10 

SUPERINTENDENT  OF  THE  INSURANCE  DEPARTMENT:  — 

May  extend  time  for  gale  of  Real  Estate  in  certain  cases, 15 

Duty  of,  to  prepare  and  furnish  printed  forms  for  Annual   Statements  ; 

power  to  make  changes  therein,  17 

To  Compile  and  report  to  tlie  Legislature  the  information  contained  in 

the  Annnal  Statements 17 

To  give  Certificate  of  Authority,  in  certain  cases,  to  the  agent  of  a  Com- 
pany from  anotlier  State,  or  foreign  Country, 19,  20 

To  cause  an  Examination  to  be  made  into  the  afl'airs  of  a  Life  Insurance 
Company,  when  he  shall  deem  it  expedient  so  to  do  ;  powers  of 
Superintendent  iu  such  cases 21 

To  publish  the  result  of  an  Examination  into  tlie  affairs  of  a  Life  Insur- 
ance Company,  if  deemed  for  the  interest  of  the  public  so  to  do,. . .  2' 

To  communicate  to  the  Attorney-General  the  fact  of  the  insufliciency  of 

the  Assets  of  a  Life  Insurance  Company 21,  22 

To  publish  Notification  of  Revocation  of  the  Certificates  of  Authority  of 

agents  of  a  Company  not  incorporated  under  the  laws  of  tliis  State, .  22 

To  publish  notice  of  the  Intention  of  a  Life  Insurance  Company  to  relin- 
quish business,  on  receiving  the  application  of  its  officers  to  that 
effect, 23 

To  deliver  up  to  a  Company  relinquishing  business,  all  securities  held 
for  it  iu  trust,  ou  being  satisfied  that  all  its  debts  are  extinguished  ; 
or  in  proportion  as  all  liabilities  upon  any  contract  with  any  citizen 
of  this  State  are  diminished  less  than  one-half  the  amount  of  .secu- 
rities retained, 23,  24 

SUPREME  COURT,  to  take  cognizance  of  application  of  the  Attorney- 
General  to  close  the  business  of  a  Life  Insurance  Company  organized 
under  the  laws  of  the  State  of  New  York,  and  in  certain  cases  to 
decree  the  dissolution  of  the  Company, 22 

6 


4-2  IXDEX. 

Page. 

T. 

TAXATION :  — 

Of  Mutual  Life  Iiism-anoe  Companies  provided  for  by  AmeDdment  to  Law 

of  June  29,  1853 31 

Of  Mutual  Life  Insurance  Companies  to  be  limited  to  taxation  on 
SIOO.OOO  for  personal  property  and  no  more,  as  jjrovided  by  Chap. 
S3,  Laws  of  1855,   ". 31 

TRUSTEES  of  a  Life  Insurance  Company,  Majority  of,  to  be  citizens  of  this 

State, 9 

Majority  of,  or  certain  officers,  to  make  Annual  Statement, 15,  16 

Have  power  to  make  Seal  and  Bj--Laws, .■ 15 


T. 

VICE-PRESIDENT  of  a  Life  Insurance  Company,  or  other  officers,  duty  of, 

to  make  Annual  Statement  to  Superintendent 15,  16 

VIOLATION  of  Provisions  of  Chap.  463,  Laws  of  1853,  penalty  for, 22,  23 

VOTE  of  Directors  of  a  Company  not  organized  under  the  laws  of  this  State, 
Appointing  Attorney  in  the  State  of  New  York,  certified  copy  of,  to 
be  filed  in  Insurance  Department, 19,  20 


SOUTHERN  RErfnK  ?f  California 
405  Hiigard  Avenue  S'-'fR^^ 

Return  this  maflria?fo  f h^  rK  80°24-l388 
^°m  Which  it  w's'borS'j^^ 


THE  I  IBP 


Uiiive 

Soi 

Li 


